Own Your Life

Our economy is resilient and weathered the latest global financial crisis. Employment prospects are good and tourism attracts billions of dollars into the economy.

Compared to other markets across Canada, our housing market is still strong. Even with prices dropping lately, properties still hold much of their value, which is great news for sellers. The lowered prices also offer good opportunities for new buyers.

Because British Columbia real estate is assessed at $1.043 trillion, which is the first time in history that assessed property values have gone past the $1 trillion dollar mark, the provincial government has introduced some tax relief initiatives to help with the increasing dollar amounts for residential property taxes.

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For the 2011 taxation year, the B.C Homeowner Grant threshold is increased to $1.15 million – that means that approximately 95% of all homeowners will be eligible for the full grant. If your home is assessed higher then you will be eligible for a partial grant. The grant allows up to a $570 reduction and an extra $275 for those over the age of 65.

The province will also implement the Northern and Rural Homeowner Benefit program this year. This is for homeowners who live outside the Capital, Greater Vancouver and the Fraser Valley regional districts. The eligibility requirements are the same as the regular Homeowner grant.

Two other changes that will benefit property taxpayer:

1. The Industrial Property Tax Credit for school property taxes will increase to 60% for light and major industrial properties;
2. For land classified as “farm”, only 50% of school properties will be payable

With homeownership moving in a positive direction, it might be time to explore your options.

Let’s talk!
 

Own your life,

Jessi Johnson
Jessi Johnson Mortgage Team
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